Waterway Ltd. owns land that it purchased at a cost of ¥464,000 in 2020. The company chooses to use revaluation accounting to account for the land. The land's value fluctuates as follows (all amounts in thousands as of December 31): 2020, ¥522,000; 2021, ¥417,600; 2022, ¥446,600; 2023, ¥475,600; and 2024, ¥533,600. Complete the following table. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Value at December 31 2020 2021 2022 2023 2024 Other Comprehensive Income 58,000 (58,000) 0 11,600 58,000 Accumulated Other Comprehensive Income ¥ 58,000 0 11,600 69,600 Recognized in Net Income 0 (46,400) 29,000 17,400 0
Waterway Ltd. owns land that it purchased at a cost of ¥464,000 in 2020. The company chooses to use revaluation accounting to account for the land. The land's value fluctuates as follows (all amounts in thousands as of December 31): 2020, ¥522,000; 2021, ¥417,600; 2022, ¥446,600; 2023, ¥475,600; and 2024, ¥533,600. Complete the following table. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Value at December 31 2020 2021 2022 2023 2024 Other Comprehensive Income 58,000 (58,000) 0 11,600 58,000 Accumulated Other Comprehensive Income ¥ 58,000 0 11,600 69,600 Recognized in Net Income 0 (46,400) 29,000 17,400 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Waterway Ltd. owns land that it purchased at a cost of ¥464,000 in 2020. The company chooses to use revaluation accounting to
account for the land. The land's value fluctuates as follows (all amounts in thousands as of December 31): 2020, ¥522,000; 2021,
¥417,600; 2022, ¥446,600; 2023, ¥475,600; and 2024, ¥533,600.
Complete the following table. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).)
Value at
December 31
2020
2021
2022
2023
2024
¥
Other Comprehensive
Income
58,000
(58,000)
0
11,600
58,000
Accumulated Other
Comprehensive Income
58,000
0
0
11,600
69,600
Recognized in
Net Income
0
(46,400)
29,000
17,400
0
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